If you’re in search of an online bank that grants higher-than-average interest rates (taken into account the present economic state), along with complimentary online and mobile banking, EverBank may just be your ideal choice. Established in 1961 and secured by FDIC, EverBank has roots in Florida through its physical branches but now renders its services all across the U.S. through online banking.
EverBank caters to a wide variety of banking needs, including businesses and mortgage lending, with a specific spotlight on their Yield Pledge Accounts, available for money market accounts, CDs, and savings. Remember, to enjoy these accounts free of charges, ensure you maintain a $5,000 balance, which might be slightly challenging for some. If your account ever falls below an average daily balance of $5,000, the current charge is a monthly fee of $8.95. Also, be wary of exceeding six transactions a month in your money market account, as it incurs a $10 fine, and habitual overstepping could lead to account termination.
Assuming the average daily balance of $5,000 is sustainable for you, here are some benefits you could enjoy by choosing EverBank:
1. No ATM charges – EverBank refunds any fees for ATM usage.
2. Complimentary mobile and online banking.
3. Interest rates ranging between .51% and .85% minimum, varying on the account type; these rates are tiered and rise with your minimum daily balance.
4. Free transfer of funds – this holds true whether transferring within EverBank accounts or between EverBank and other banks.
5. Complimentary online check images for up to two years.
(Please note, ATM fee reimbursement requires a maintained $5,000 in your account.)
Additionally, EverBank provides Yield Pledge checking, savings, and CD accounts. You also have the option to open or switch your IRA to EverBank. IRA options comprise of diversification opportunities, such as global currencies and valuable metals, as well as promising high yield opportunities. However, like all investments, these don’t come without risks.
EverBank’s all-rounded banking experience can be topped off with its credit card currently boasting a 10% APR and no annual fee. You even get to pick from a point or cash back reward plan. Their late payment penalty charges are also attractively lower than those of competitors.
EverBank has continually demonstrated a robust growth in assets – from $4 million in 2006 to $12 million in 2010. It offers a quite high interest rate considering the current economic context and a largely fee-free account (given you meet the minimum balance requirements) – a rare find these days. Hence, EverBank comes with our recommendation. That said, if maintaining a $5,000 minimum balance for a savings or money market account poses a hurdle, EverBank might not be the apt bank for you.
